Friday, November 16, 2007

Section 2A.01. Real Property Subject to Tax

Article A. Levies on Real Property

Section 2A.01. Real Property Subject to Tax - All real property such as lands, buildings, machineries, and other improvements located in the City of Olongapo.

Section 2A.02 Exemption from Real Property Tax – The following are exempted from payment of the real property tax:

a) Real Property owned by the Republic of the Philippines or any of its political subdivisions except when the beneficial use thereof has been granted for a consideration or otherwise to a taxable person;

b) Charitable institutions, churches, parsonages, rectory or convents appurtenant thereto, mosques, non-profit or religious cemeteries and all lands, buildings, and improvements actually, directly, and exclusively used for religious, charitable or educational purposes;

c) All machineries and equipment that are actually, directly and exclusively used by local water districts and government-owned or controlled corporations engaged in the generation, supply and distribution of water and electric power;

d) All real properties owned by duly registered cooperatives as provided under R.A. 6938; and

e) Machinery and equipment used for pollution control and environmental protection.

All properties mentioned in this Section shall be valued for the purpose of assessment and record thereof shall be kept as in other cases.

Except as provided herein, any exemption from payment of real property tax previously granted to, or presently enjoyed by, all persons, whether natural or juridical, including all Government Owned or Controlled Corporations (GOCC) are hereby withdrawn upon the affectivity of this Code.

Section 2A.03 Proof of Exemption of Real Property from Taxation – Every person by or for whom real property is declared, who shall claim exemption for such property under this Chapter shall file with the City Assessor within thirty (30) days from the date of the declaration of real property sufficient documentary evidence in support of such claim including corporate charters, title of ownership, articles of incorporation, by-laws, contracts, affidavits, certification and mortgage deeds, and similar documents.

If the required evidence is not submitted within the period herein prescribed, the property shall be listed as taxable in the assessment roll. However, if the property shall be proven to be tax exempt, the same shall be dropped from the assessment roll.

Article B. Appraisal and Assessment

Section 2B.01 Appraisal And Assessment of Real Property – All real properties, whether taxable or exempt, shall be appraised at the current and fair market value prevailing in the locality where the property is located using the governing schedule of values as basis.

For purposes of assessment, real property shall be classified as residential, agricultural, commercial, industrial, mineral and special. The City Assessor is required to prepare a schedule of values of all classes of real property found in the City every three (3) years for submission and approval by the Sangguniang Panlungsod pursuant to the rules and regulations promulgated by the Department of Finance.

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